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BlogEvent: Strategizing a New New Deal
If you’re in the vicinity of New York City at the end of October, Levy scholars Randall Wray and Stephanie Kelton are taking part in a public meeting organized by the National Jobs for All Coalition. The meeting is part of a series of public events focused on the legacy of New Deal. Wray and [...] -
Public Policy Brief No. 144A Two-Tier Eurozone or a Euro of Regions?
In light of the problems besetting the eurozone, this policy brief examines the contributions of John Maynard Keynes and Richard Kahn to early debates over the design of the postwar international financial system. Their critical engagement with the early policy challenges associated with managing international settlements offers a perspective from which to analyze the flaws […] -
Summary No. 3Summary Fall 2017
This issue of the Summary opens with a Strategic Analysis that uses the Institute’s stock-flow model to assess the effect of the Trump administration’s policy promises on the recovery from the Great Recession. A policy note investigates the trends in income inequality in the United States over the past four decades. Working papers included in […] -
Working Paper No. 896Minsky’s Financial Fragility
The present paper applies Hyman P. Minsky’s insights on financial fragility in order to analyze the behavior of electricity distribution companies in Brazil from 2007 to 2015. More specifically, it builds an analytical framework to classify the firms operating in this sector into Minskyan risk categories and assess how financial fragility evolved over time, in […] -
Working Paper No. 895
Unemployment: The Silent Epidemic
This paper examines two key aspects of unemployment—its propagation mechanism and socioeconomic costs. It identifies a key feature of this macroeconomic phenomenon: it behaves like a disease. A detailed assessment of the transmission mechanism and the existing pecuniary and nonpecuniary costs of unemployment suggests a fundamental shift in the policy responses to tackling joblessness. To […] -
Working Paper No. 894
An Inquiry Concerning Long-term US Interest Rates Using Monthly Data
This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within the autoregressive distributive lag (ARDL) framework, using monthly data and estimating a wide range of Keynesian models of long-term interest rates. While previous studies have […] -
MME, July 29, 2017
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«Ξένοι επενδυτές θεωρούν καταστροφή μια πρόωρη προσφυγή στις κάλπες»
efsyn.gr 29 Ιούλιος 2017. Με επιφύλαξη παντός δικαιώματος. Η πρώτη δοκιμαστική έξοδος στις αγορές «δεν πρέπει να προκαλεί ευφορία, αλλά αισιοδοξία για το μέλλον της χώρας» επισημαίνει ο Δημήτρης Παπαδημητρίου, αποδίδοντας στη Ν.Δ. ότι συγκρίνει «λεμόνια με πορτοκάλια». Ο υπουργός Οικονομίας και Ανάπτυξης χαρακτηρίζει, παράλληλα, «εφικτό και χρήσιμο, αν και όχι αναγκαίο» τον στόχο της […] -
Working Paper No. 893
The Neoclassicals’ Conundrum
Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith’s notion of value, his understanding of the economic individual and their interactions in society, his methodology, and the field of study he afforded to […] -
Dennis Wholey of This Is America & The World speaks with Greece’s Minister of Economy and Development, Dimitri Papadimitriou
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Policy Notes No. 3Why the Compulsive Shift to Single Payer?
The growing political momentum for a universal single-payer healthcare program in the United States is due in part to Republican attempts to repeal and replace the Affordable Care Act (Obamacare). However, according to Senior Scholar L. Randall Wray, it is Obamacare’s successes and its failures that have boosted support for a single-payer system. Even after […] -
Blog
The “German Problem” Is Not a Problem for Anyone to Worry About. Or Is It?
It took a very long time. Too long. But just in time for the recent G20 meeting in Hamburg on July 7-8, The Economist’s cover page story featured Germany’s persistent current account surpluses as the world community’ new “German problem”; supposedly an issue of foremost interest to the G20. In fact, Germany has run up [...]